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Arabian Pipes Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -0.36 -22.8 98.42 4.44 -
Gross profit (loss) 13.17 4.61 185.68 16.42 -19.79
Operational profit (loss) 5.4 -18.19 - 11.03 -51.04
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 4.31 -46.46 -
Gross profit (loss) 55.8 37.19 50.04
Operational profit (loss) 25.72 -21.32 -
Earning or loss per share, Riyals 0.11 -1.16 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for losses decrease during the current quarter compared to losses incurred during the similar period of last yearis due to increased turnover and higher gross profit margin as a result of the Jubail plant productivity, as well as lower selling and distribution expenses due to lower freight charges resulting from lower export sales as well as lower administrative expenses as a result of cost control as well as increase in the other income resulting from Treasury operations with higher funding costs as a result of the high cost of funding
Reasons of increase (decrease) for period compared with same period last year The reason for the profits earned during the period compared to losses realized during the corresponding period of the previous year is due to Jubail plant opration and turnover, which led to reduced fixed costs, thus increasing the gross profit as a result of the projects implemented by the company during the year and as a result of increased domestic sales has led to a decline in freight charges, which reduced selling and distribution expenses and also lower administrative expenses as a result of cost control and reduce inventory provision as a result of sale part of the slow movement inventory, as well as the company achieved Other income as a result of treasury products and provide consulting to third parties in spite of increased finance costs as a result of the high cost of funding
Reasons of increase (decrease) for quarter compared with previous quarter The reason for decrease profits during the current quarter compared to the profits earned during the previous quarter of this year is due to stop of the Jubail plant production during the month of December to qualify the implementation of projects that have been contracted during 2017, which prompted the fixed cost for downtime, as well as higher financing costas a result of high cost of funding despite the increase in other income resulting from treasury operations
Reclassifications in quarterly financial results Reclassification some compared figures last period to matching with this period presentation and used the audited financial information for year 2015
Other notes Total sales reached for the current quarter of SR 101 million compared to SR 77 million for the same quarter of the previous year, a rise of 31% and the total sales for the current period SR 365 million compared to SR 373 million for the same period last year, a decline of 2%, and total shareholders' equity for the current period SR 616 million compared to SR 612 million for the same period last year, a increase of 0.65%

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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